This report describes a simple strategy for preparing dispersion of multi-walled carbon nanotubes (MWCNTs) in water. Zirconium acetate (ZrAc3) was used as a dispersant for the MWCNTs in water. Interestingly, an aqueous dispersion of MWCNTs was stabilized by adding an extremely small amount of ZrAc3, followed by ultrasonic agitation. The resultant MWCNT dispersion was durably retained even after storing at room temperature over 6 months. The dispersion state of MWCNTs on a substrate was observed by means of reflection optical and scanning electron microscopes. Furthermore, we demonstrated the effect of external high magnetic field on the orientation of MWCNTs on the substrate surface from the aqueous dispersion.